Bourbon Reports Strong Growth

Friday, August 11, 2006
“Increase business in the first half of 2006 was another successful step in the Bourbon growth plan", said Chairman and Chief Executive Officer Jacques de Chateauvieux. "The commissioning of the new vessels in a promising market strengthens our position as the leader in modern offshore." Bourbon’s first half revenues totaled 345.7 million euros, up 14.6% compared with the same period in 2005 (+11% at constant exchange rates). The Offshore Division, which is the beneficiary of the largest portion of Bourbon’s investments within the Horizon 2010 plan (1,230 million euros), remains the growth driver for the company. Revenues for the Offshore Division rose 32.4%, or 27.1% at constant exchange rates, over the same period in 2005. This growth reflects the implementation of the 2003-2007 plan and was driven in the first half by the delivery of 15 new vessels (6 supply vessels and 9 crewboats). In addition, 2 vessels were chartered to meet the needs of our customers. In the Africa zone, which benefited from the largest number of new vessels commissioned, growth rose to 45.7% over the same period in 2005. In addition, the Offshore Division initiated its expansion in Asia. The Towage & Salvage Division recorded revenues of 65.6 million euros, an increase of 18.2% in the first half of 2006, resulting from: the high level of traffic recorded in French ports; the business recorded out of African ports, which benefited from the strong context for offshore oil and gas marine services; the inclusion of the activities of the Abeille Bourbon and the Abeille Liberté over a full six months.
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